Metro Group-controlled electronics retailer Media-Saturn’s Chinese expansion plans suffered a blow after one of its investors revealed it will withdraw from a two-year trial because it believes the venture is reluctant to make serious investment in the country. Convergenta, the investment vehicle of billionaire Erich Kellerhals who founded the Media Markt group, which is now part of Media-Saturn, said it would exit the venture.
Metro Group will now continue its expansion in China with its joint-venture partner, Taiwanese technology company Foxconn.
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